Money Supply Growth in February 2026 Slows

Bank Indonesia (BI) reported that the liquidity in the economy, or the broad money supply (M2), in February 2026 stood at Rp10,089.9 trillion, representing a year-on-year (yoy) growth of 8.7 per cent. This growth slowed compared to the previous month, which recorded 10 per cent growth.

Executive Director of the BI Communication Department, Ramdan Denny Prakoso, stated that this development was driven by the growth of narrow money supply (M1) by 14.4 per cent year-on-year (yoy) and quasi-money by 3.1 per cent. “The M2 development in February 2026 was mainly influenced by net claims on the Central Government and credit disbursements,” he said in an official statement on Friday, 27 March 2026.

Net claims on the central government grew by 25.6 per cent, an increase from the previous month’s growth of 22.6 per cent. Meanwhile, credit disbursements in February 2026 grew by 8.9 per cent, down from 10.2 per cent in January.

BI’s published money supply analysis also reported that third-party fund mobilisation (DPK) in February 2026 was recorded at Rp9,449.1 trillion, or growing by 9.2 per cent. This was a decline from the previous month’s growth of 10.8 per cent.

This growth was driven by increases in demand deposits, savings, and time deposits, which grew by 17.6 per cent, 7.7 per cent, and 3.7 per cent respectively, all slowing compared to January 2026 growth.

By customer group, DPK was influenced by corporate DPK growth of 15.9 per cent, followed by individual DPK growth of 2.4 per cent and other customer DPK of 7.3 per cent. From the customer side, this growth also slowed compared to the previous month.

Credit disbursements also slowed. Based on BI data, bank credit disbursements in February 2026 were recorded at Rp8,420.5 trillion, or growing by 8.9 per cent. This was down from the January 2026 disbursements growth of 10.2 per cent. Credit disbursements to corporate and individual debtors both slowed.

By usage, working capital credit (KMK) grew by 3.7 per cent, slowing from the previous 4.7 per cent. Investment credit remained high at 20 per cent growth, though down from 22 per cent previously. Consumer credit also slowed from 7.2 per cent to 6.3 per cent. Meanwhile, SME credit disbursements contracted by 0.6 per cent, compared to 0.5 per cent growth in January 2026.